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ICE GASOIL (H20): Recovery Considered.....>

OIL TECHS
OIL TECHS: ICE GASOIL (H20): Recovery Considered Corrective
*RES 4: $449.75 - High Mar 6
*RES 3: $435.50 - Low Feb 28
*RES 2: $412.50 - Low Mar 6 and gap high on the daily chart
*RES 1: $396.00 - Mar 9 high and gap low on the daily chart
*PRICE: $376.25 @ 07:15 GMT Mar 11
*SUP 1: $356.75 - Low Mar 10
*SUP 2: $315.75 - Low Mar 9 and bear trigger
*SUP 3: $304.01 - 1.382 projection of the Jan 6 - Feb 2 move from Feb 20 high
*SUP 4: $300.00 - Psychological round number
Gasoil remains bearish despite the recovery off Monday's low. The sell-off
Monday confirmed a resumption of this year's downtrend. The focus is on $304.01,
a Fibonacci projection and $300.00. Note that Monday's action created a $396.00
- $412.50 gap on daily charts and it would not be a surprise to see the market
fill this gap. Whether that happens in the near-term or at a later date remains
to be seen. Bearish.

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